Iranian oil minister: Oil output raised to 3.6mn. bpd

Iran’s Oil Minister Javad Owji says the country’s outgoing administration has managed to increase crude production to 3.6 million barrels per day.

Owji made the announcement on the sidelines of the Wednesday session of the cabinet.

He added that the administration’s goal was to produce 4 million barrels per day prior to the end of the Persian Year of 1403, that is by March 20, 2025.

Owji called oil production as one of the ways of preventing budget deficit and increasing the government’s revenue sources.

The oil minister added that the liquid hydrocarbon reserves of Iran now stand at more than 153 billion barrels, and the more Iran can increase the oil output and upgrade its refinery capacity, the more foreign exchange revenues it will make.

Owji said there are tens of thousands of elite experts in the Iranian Oil Ministry, whose abilities are being used and “we hope that this progress will continue”.

Referring to the summer season and the rising number of trips countrywide as well as the arrangements that the Oil Ministry is considering for gasoline reserves, Owji noted that officials at the ministry employed cost-effective methods for the gasoline issue and managed gasoline consumption.

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